Audio: Financing of the 17th Street Bridge project is completed

17th Street Bridge

With the city of Trenton finalizing its share of costs to replace the 17th Street Bridge, efforts are directed at obtaining easements from nearby property owners and acquiring two buildings which are on the east side of the bridge.

The 17th Street Bridge, now owned by the Union Pacific Railroad, was built by the former Rock Island Railroad in 1930.

 

 

City administrator Urton told KTTN the latest cost estimate for the new 17th Street Bridge is $3,228,000. There are four revenue sources that collectively finance the project. Union Pacific Railroad has committed to pay $712,000 toward construction and the closing of the 18th and Mable grade crossing, the Missouri Department of Transportation will provide $750,000 and a community development block grant from the Missouri Department of Economic Development provides $500,000.

The Trenton City Council Monday night approved “certificates of participation,” which are commonly considered a loan, allowing the city to borrow $1,411,617 for its share of the project. The other sources, collectively, will provide $1,962,000.

Principal and interest payments to be made by the city of Trenton add up to $1,762,500 during the length of the ten-year loan. The city of Trenton will make annual payments using funds generated by a three-eighths of a percent city sales tax of which collections began last October. Since then, the city reports the transportation sales tax has raised over $174,000.

The city is obtaining easements in the vicinity of the 17th Street Bridge with appraisers to meet with property owners Wednesday, July 25th at 12 noon through 6 o’clock in the Sugg Room of the Ketcham Community Center. City Administrator Ron Urton said six easements were signed at an appraisers’ meeting last Wednesday.

Two buildings have yet to be acquired by the city and Urton said an independent third party appraiser is reviewing the two properties. The city previously acquired a brick building on the corner of 17th and Lulu.

 

 

To accommodate the new and longer bridge, street intersections would be closed and the new bridge project will be more pedestrian friendly as it includes sidewalks and safety rails.